Denmark, one of the last countries yet to sanction Russia’s Nord Stream pipeline, is reviewing new route plans, the country’s energy agency stated Friday. Ture Falbe-Hansen, a spokesman for the Continue Reading

A $30 billion divestment program will be completed this year even after an agreement to sell a Danish subsidiary dissolved, Royal Dutch Shell said Tuesday. Shell said an agreement signed Continue Reading

Maersk Oil confirms presence of hydrocarbons at exploration well in the Danish waters of the North Sea. File Photo by UPI/Shutterstock/James Jones Jr. COPENHAGEN, Denmark, May 12 (UPI) — About a month after starting production in the region, Maersk Oil said Tuesday, it found a new source of reserves in the Danish waters of the North Sea. Drilled in December, the company said it was able to confirm the presence of hydrocarbons in the Xana-1X exploration well in the northern part of the Danish sector of the North Sea. "At present the partners are in the process of assessing the technical and commercial implications of the discovery and looking at potential follow-up," Martin Rune Pedersen, managing director of the company’s Danish business unit, said in a statement. Analysis this year from Wood Mackenzie found the region brought in $19 billion in capital spending last year. With oil prices falling […]

Maersk Oil starts new production operations in Danish waters of the North Sea. Photo courtesy: Maersk Oil COPENHAGEN, Denmark, April 1 (UPI) — Danish energy company Maersk Oil said it started production from a North Sea platform that should provide Denmark with new reserves for the next 30 years. Maersk said it started production from the unmanned Tyra Southeast-B platform in the Danish waters of the North Sea. The facility is expected to add around 50 million barrels of oil equivalent to the Danish market for the next 30 years. Peak production is expected by 2017 through investments of more than $650 million. The investment represents the largest ever made by a Danish energy consortium, for which Maersk serves as the operator, since 2007. "This is an important step in Maersk Oil’s growth journey and it demonstrates that Denmark continues to be a core area for us," Maersk Oil […]

Danish oilfield services company Maersk cuts top staff to adjust to low oil price climate. Photo by Kyle Waters/Shutterstock COPENHAGEN, Denmark, Feb. 5 (UPI) — It would be "irresponsible" not to react to the low oil price climate and keep staffing levels in place, Danish oilfield services company Maersk Drilling said. Lead energy companies, from BP to Royal Dutch Shell, have announced plans to cut capital spending in 2015 as oil prices continue trading in a bear market. Though rising in recent days, the price of crude oil is about 50 percent less than June highs of about $100 per barrel. Maersk Drilling said market conditions meant there was a lower demand for offshore rigs, which meant it was forced to cut 90 positions from its head office. Chief Executive Officer Claus Hemmingsen said staff reductions were part of the effort to cut costs and improve corporate efficiency. "It […]

Denmark is the European Union’s (EU) only net exporter of oil. The Nordic state’s oil exports totalled approximately 13.7 million barrels of oil equivalent in 2013. This is in stark contrast to the EU’s only other significant oil producer, the UK, which became a net importer in 2004 and has experienced a steep decline in output since, as its historically productive North Sea fields reach extreme maturity. Denmark has maintained its status as a net exporter despite peak oil production in 2004. A strong shift towards wind power has seen a decrease in oil used for electricity generation while district heating systems traditionally fuelled by oil are now switching to natural gas and renewable sources. Denmark’s ability to hold on to its status as the EU’s last net exporter is likely to diminish in the long-term. Its North Sea fields continue to stutter and decline in output, seeing production […]

WASHINGTON, Dec. 4 (UPI) — The U.S. Geological Survey said the Alum shale reserve area in Denmark holds an estimated 6.9 trillion cubic feet of technically recoverable natural gas. The USGS study of Denmark is its first-ever assessment of the shale natural gas potential there. The results of the study were delivered Tuesday to the Geological Survey of Denmark and Greenland, which provided data to the USGS. The Alum shale area consists of an offshore and onshore section, with the latter accounting for the bulk of the estimated reserves. USGS said it doesn’t believe the area contains significant quantities of oil. Shale oil and natural gas extraction in North America has redefined the dynamics of the international energy market in part because the U.S. and Canadian economies are relying less on foreign energy reserves. USGS Acting Director Suzette Kimball said the Alum shale may be a potential reserve basin […]